George Soros Fund to Open Hong-Kong Office

Soros Fund Management LLC, the $25 billion hedge-fund firm founded by billionaire investor George Soros, plans to open an office in Hong Kong amid a resurgence in the region’s hedge fund industry, FT reported, citing a source familiar with the matter as saying.

The report said Soros is not alone in eyeing Hong Kong as a base. A number of other hedge funds, asset managers and banks from New York and London are also considering opening offices in the former British colony.

The arrivals will certainly mark a reversal of the trend in the last 24 months when international hedge-fund managers closed down or downsized offices in Asia amid investment losses and redemptions globally.

Soros Fund, which is no longer actively managed by Mr. Soros, has hired James Chang, a manager from Tiger Asia Management in New York, to run its Asian office, which was likely to become operational in the first quarter of 2010.